Handelsbanken Fonder AB Sells 2,679 Shares of Spotify Technology $SPOT

Handelsbanken Fonder AB reduced its stake in Spotify Technology (NYSE:SPOT) by 1.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,445 shares of the company’s stock after selling 2,679 shares during the period. Handelsbanken Fonder AB’s holdings in Spotify Technology were worth $72,747,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Quadcap Wealth Management LLC lifted its holdings in Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares in the last quarter. Objectivity Squared LLC boosted its stake in Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the period. Condor Capital Management grew its holdings in Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock valued at $575,000 after buying an additional 25 shares in the last quarter. Carl P. Sherr & Co. LLC grew its holdings in Spotify Technology by 0.7% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock valued at $2,007,000 after buying an additional 27 shares in the last quarter. Finally, Legacy Advisors LLC increased its position in shares of Spotify Technology by 1.1% during the fourth quarter. Legacy Advisors LLC now owns 2,622 shares of the company’s stock valued at $1,523,000 after buying an additional 28 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

SPOT stock opened at $511.07 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The stock has a market cap of $105.22 billion, a PE ratio of 31.82, a P/E/G ratio of 1.19 and a beta of 1.58. The firm has a 50 day simple moving average of $483.06 and a two-hundred day simple moving average of $484.99.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. KeyCorp lowered their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Benchmark decreased their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $630.00.

Insider Activity

In other news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 116,878 shares of company stock worth $59,081,110. Corporate insiders own 0.40% of the company’s stock.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.